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Beneficial Ownership Information Report (BOIR)
for your LLC Business

File Your Boi Now

Who Needs to File?

Almost all domestic and foreign entities registered to do business in the U.S. will need to submit a BOI report unless they are specifically exempted. The primary entities that must file include:

  • Corporations
  • Limited Liability Companies (LLCs)
  • Other entities such as limited partnerships or business trusts
Some entities, like certain large companies and highly regulated businesses (e.g., banks, credit unions), are exempt.

What Information Must Be Reported?

For each Beneficial Owner (someone with substantial control or ownership interest), you must provide the following:
  1. Full Name
  2. Date of Birth
  3. Residential or Business Address
  4. Social Security Number (SSN) or Taxpayer Identification Number (TIN)
  5. A Copy of an Identifying Document (such as a passport or driver’s license)
Additionally, for the entity itself:
  • Name of the Reporting Company
  • Address
  • State of Formation
  • Employer Identification Number (EIN)

Definition of Beneficial Owner

A Beneficial Owner is an individual who:
  • Owns or controls at least 25% of the entity.
  • Has substantial control over the entity’s operations.
It’s important to identify every individual who falls into these categories.

How to File the BOI Report

The FinCEN portal will be the platform for BOI submissions. The filing process is straightforward:

  1. Create an Account on the FinCEN portal (once live).
  2. Gather Required Information (personal details, identification documents).
  3. Submit the Report online. There is no fee for filing.

Deadlines for Filing

  1. New Entities formed on or after January 1, 2024, must file their BOI report within 30 days of formation.2
  2. Existing Entities (formed before January 1, 2024) must file by January 1, 2025.
  3. Changes to Beneficial Ownership: Any changes in beneficial ownership must be updated within 30 days of the change.

Confidentiality and Security

The information submitted in a BOI report will be confidential and accessible only to:

  • U.S. federal law enforcement.
  • State law enforcement with court approval.
  • Financial institutions, for compliance purposes.

Penalties for Non-Compliance

Failing to file the BOI report or providing false information can result in:

  • Civil penalties: up to $500 per day of non-compliance.
  • Criminal penalties: up to $10,000 and/or imprisonment for willful violations.

Key Tips for Filing Your BOI Report

  1. Identify All Beneficial Owners early on to avoid filing delays.
  2. Ensure the identifying documents (driver’s license, passport) are current and legible.
  3. Stay on top of any changes in ownership or control to meet the 30-day amendment deadline.
  4. Keep a record of the filed report for future reference.
By preparing in advance and understanding the filing requirements, you can ensure your BOI report is submitted correctly and on time. If you’re unsure about your obligations, consider seeking legal counsel to assist with filing.

FAQ: BOI Report for Texas LLC Companies

What is the CTA?

The Corporate Transparency Act (CTA) was passed in 2021 to combat financial crimes like money laundering and terrorism financing. Under the CTA, the federal government through the Financial Crimes Enforcement Network. (FinCEN) collects ownership information for most companies registered at the state level. The goal is to prevent bad actors from hiding illicit business practices behind anonymous entities.

Who Must File a Beneficial Ownership Report?

Most businesses registered with the Texas Secretary of State must file a BOI report. This includes:

  • Texas Corporations (domestic and foreign)
  • Texas LLCs (domestic and foreign)

However, sole proprietorships and general partnerships do not need to file a BOI report, as these are not considered legal entities under the CTA.

Who is Exempt from Filing a BOI Report?

There are 23 types of exempt entities, typically those with transparent filing practices. Exempt companies generally fall under one of these categories:

  • Highly regulated industries (e.g., finance, banking).
  • Publicly traded corporations that already report ownership information
Please review the BOI Small Entity Compliance Guide to determine whether your entity qualifies for an exemption.

Do I Have to File a BOI Report Every Year?

No, the BOI report is a one-time filing. However, if any of the information in your report changes (e.g., new members, changes to ownership percentage, or changes in principal address), you must file an updated BOI report within 30 days of the change.

This can be easily updated online through the FinCEN portal.

How Much Does a Beneficial Ownership Information Report Cost?

You can file your (BOI) report online through FinCEN. If you’d prefer to avoid handling the filing process yourself, there are professional services that can assist you for a fee. The typical cost for such services, as you mentioned, is often around $125 to $500, but fees may vary depending on the provider and the complexity of the report.

If you have any further questions or need assistance with filing, consult the FinCEN website or seek professional help to ensure compliance with the СТА.
File Your Boi Now